Jobs roar back in October, but are workers happy?

PLUS: Mandate countdown

VIEW IN BROWSER | SUBSCRIBE FRI, NOV 05, 2021 TECH, TRANSFORMATION AND THE FUTURE OF WORK EDITOR'S NOTE Welcome to the CNBC @Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. Jobs returned in October with nonfarm payrolls rising to 531,000, more than the Dow Jones estimate of 450,000. Private payrolls rose 604,000, but a loss of about 73,000 government jobs pulled down the number. Leisure and hospitality was the biggest driver with 164,000 jobs added in those industries. And those job adds couldn't have come a moment too soon. According to the recent CNBC | Momentive Workforce Happiness survey which polled over 11,000 workers last month, half of the nation's workers describe their workplaces as being understaffed and those workers are twice as likely to quit their jobs as those who say their workplaces are adequately staffed. Overall, according to the survey one in three workers (33%) say they've seriously considered quitting in recent months. See below for more details.  Two developments on the Covid-front this week that will also likely impact the workforce long-term. On Tuesday, the CDC approved the Pfizer vaccine for children aged 5 and up. This will likely ease some of the childcare strains on many working parents.  And on Thursday, the Biden Administration announced that companies with 100 employers or more must have their workforce vaccinated by January 4th. While some argue this is a giant step forward for the economy, some say that the timing is less than ideal, particularly as vaccinations may cause workflow disruptions during the busy holiday season. See below for more.    KEY STORIES Job creation roars back in October as payrolls rise by 531,000 The U.S. job market snapped back in October, with nonfarm payrolls rising more than expected while the unemployment rate fell to 4.6%, the Labor Department reported Friday. Nonfarm payrolls increased by 531,000 for the month, compared with the Dow Jones estimate of 450,000. The jobless rate had been expected to edge down to 4.7%. Private payrolls were even stronger, rising 604,000 as a loss of 73,000 government jobs pulled down the headline number.  A vicious job market feedback loop is making the Great Resignation even worse — for employers The fifty percent of workers who describe their companies as currently understaffed are nearly twice as likely as workers with adequate staffing to say they've considered quitting their jobs in the last three months (43% vs. 23%), according to the survey. Overall, one in three workers (33%) say they've seriously considered quitting in recent months.  Several big business groups aren't happy with Biden's Covid vaccine mandate Several business groups expressed concern about President Joe Biden's Covid vaccine mandate on Thursday, arguing that the requirements will burden businesses during the busy holiday season as they rush to meet an implementation deadline that comes shortly after New Year's day. The National Retail Federation and the Retail Industry Leaders Association, which requested a 90-day implementation period during meetings with White House officials last month, said the mandate would burden their members during the busy holiday shopping season.  COMING UP NOVEMBER 18 REGISTER NOW MORE FROM CNBC EVENTS Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS